NC S110

Creates the "North Carolina Work and Save" program to provide payroll-deduction Roth IRA retirement savings accounts for an estimated 1.7 million private-sector workers without employer-sponsored retirement plans

Establishes a 12-member Small Business Retirement Savings Program Board within the Department of State Treasurer, with initial appointments due by October 1, 2025, and contributions to begin by July 1, 2027

Sets default contribution rate at 5% of wages into a Roth IRA with target date fund investment; employees may opt out, change contribution rates, or select different investment options

Appropriates $400,000 in FY 2025-2026 and $600,000 in FY 2026-2027 in nonrecurring funds to the Department of State Treasurer for program startup

Caps total fees and expenses at 100 basis points of program assets annually (after a 3-year startup period) and shields employers from liability for employees' investment decisions or program performance